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| Prospect News home > News index > List of issuers M > Headlines for Marriott Ownership Resorts, Inc. > News item |
S&P rates Marriott Ownership loan BB+
S&P said it assigned BB+ issue-level and 1 recovery ratings to the $800 million term loan B due 2031 issued by Marriott Vacations Worldwide Corp.'s subsidiary Marriott Ownership Resorts Inc. The 1 recovery rating indicates very high (90%-100%; rounded estimate: 95%) recovery in a hypothetical default.
The ratings are in line with those of the issuer’s outstanding senior secured loans and notes.
The company plans to use the proceeds to refinance its $784 million term loan B facility due 2025 and pay related transaction fees and expenses.
The outlook is stable.
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